HOUSTON, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. ("EcoStim" or the "Company"), (OTCQB:ESES) announced today that its pressure pumping fleet and coiled tubing equipment are being transported to the Company's base in Neuquen City, Argentina. The equipment is expected to arrive in three days and will be readied for service in conjunction with the company's multi-year contract.
Carlos Fernandez, one of the founders of the Company and the Company's Senior Executive Vice President of Business Development, stated, "We are very excited to have our equipment on the way to the province of Neuquen and are anxious to begin work under our contract with a well-respected local operator. The equipment arrived in Buenos Aires in late August and as a result of an extraordinary team effort, all documentation was in order and the importation application was processed and approved in a reasonable period of time despite the country's very rigid rules and processes regarding equipment importation. EcoStim is investing heavily in the province of Neuquen and is also working with local companies to manufacture additional equipment."
Neuquen's Governor Jorge Sapag commented, "The province of Neuquen is happy that as a result of the promotional efforts made by Gas y Petroleo del Neuquen during the last 5 years, young entrepreneurial companies such as EcoStim have come to the region. The Vaca Muerta shale formation is a world class resource and will require capital, technology and hard work to fully develop. EcoStim is investing in this region, hiring and training local people, bringing new equipment and leading edge technologies to support the growth of our energy production."
J. Chris Boswell, EcoStim's President and CEO stated, "This is a major milestone for the Company, and we are excited to get our equipment into Neuquen, which is home to one of the world's most exciting shale basins. I can't say enough about the teamwork demonstrated on this effort. This achievement is a tribute to our entire team, and we are very excited for the future."
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the rapidly expanding international unconventional shale markets. EcoStim's proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide.
Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in Its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.